The odds reflect the percentage of probability of an outcome occurring - Multi-OS Freeware.
The odds reflect the percentage of probability of an outcome occurring. The lower the odds, the more predictable the outcome.

Party Bets 10.9 24-Oct-07 English 7 KB

Thus, you can refer to the lowest odds as being the 'favorite' outcome. PartyBets.com offers the odds, you select them and then you decide how much you want to wager.